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J 931
Ballar-.
HISTORY OF BALLARD
SEATTLE PUBLIC LIBRARY
0 01 00 4480233 7
In 1882, John Leary, and Judge Thomas Burke, purchased for ten
thousand dollars, a tract of timber land where the city of Ballard was after-
<' wards located, comprising about six hundred acres. When the boom of 1888
struck the Puget Sound country, Leary and Burke decided to put the above
tract on the market, and sell it off in residence lots. At this time, W. R.
Ballard who grew up where Auburn is now located, was Captain on a small
steamer called the "Zephyr", and owned principally by John Leary. faptain
Ballard was offered a one third interest In this northern tract for tea
thousand dollars, to be paid for out of profit in the deal, and made manager
of the West Coast Improvement Co., Inc. They at once proceeded to log off
the timber, and divided the property into lots 50 by 100 ft. This gave
them 3200 "Land lots besides quite a number with water front, facing on
"Shillshole Bay". About the time they were ready to start this sale,
Thomas Stimson with his four grown sons arrived from Michigan where they
had made a fortune in the lumber business, and had moved to Washington where
there was more standing timber than any other state in the Union. When
John Leary became acquainted with Mr. Stimson, and learned he had located
here to continue in the lumber industry, he persuaded Mr. Stimson to build
a large saw mill in Ballard, and as an inducement offered them a large
tract on the water front at a very low figure. Soon as the mill was up,
and in operation, Cap't. Ballard admitted that to invest in Ballard, not
alone meant buying a home, but securing a good job the year around with
good pay at the Stimson Mill. This resulted in the greatest sale of real
estate aver before known in this section. The office was in Seattle, and many
mornings, before the time for opening, there would be a string of men
anxiously waiting to secure a lot where they could work, and live at home,
I Q ots on Ballard Ave., started selling at $50.00 per lot, and in less then five
*•»■# -ears, the same lots were selling at $1800.00. The profit for the company
surpassed all expectations. Ballard paid for his interest in the company
Rn less than six months, and their monthly dividends were very large. The
irst three months they amounted to $45,000.00 or $15,000.00 for each of the
three owners. Cap't Ballard had been a poor man, and was new at the game *
Api f investing money. Among other things he purchased, was the old Congre-
Ot/\ ational Church property for $32,000.00 just north of the "National Bank of
Commerce". He felt the church officials had given him quite a good bargain
so volunteered to pay for the abstract. In those days there was no such
979.7772 thing as "Title Insurance". So he induced Charlie Whittlesey tp;prepare an
H629 abstract for the lot. In a few days Mr. Whittlesey appeared with the abstract, and a bill for his work amounting to $125.00. That seemed eanessive
to Cap't Ballard, and he so stated. They got into a heated argument, when
Ballard said he would never pay the bill at those figures. Mr. Whittlesey
remarked he might not pay there, but some day |£p poult pay it in full. And
the matter was dropped. Later, GapH Ballard and Fred Ward were the founders
of the "Seattle National Bank". They put their own money into it, and sold
stock to quite a few Seattle people. Among others, was a young man by the
name of George Carter. He had graduated the previous June at Yale, and come
West to get a job. He bought his stock with the understanding that he would be
given a position as Teller in the bank. All went well for a few months when
at a meeting of the stockholders Ballard and Carter got into a very heated
argument regarding something connected with the.Bank, Ballard finally said
"Mr. Carter, your resignation as Teller of this Bank, would be .'.very acceptable".
Of course, Mr. Carter walked out. In a few days he went back to his home in
Providence, R.I., and told his Father, who was a wealthy man, what had happened.
His Father said, "You get back to Seattle, and buy up a controlling share of
the Stock, aad then run the Bank to suit yourself.'* He did as advised, and at the
next meeting of stockholders, in walked Mr. Carter. Everybody was surprised
to see him, when Cap't Ballard remarked "This is private business, if you'll retire until we adjourn, we'll listen to what you have to say". At that, Carter
replied, "Cap't Ballard, as President of this bank, your resignation would be
very acceptable". And then Mr. Carter reached for papers in his pocket to prove

J 931
Ballar-.
HISTORY OF BALLARD
SEATTLE PUBLIC LIBRARY
0 01 00 4480233 7
In 1882, John Leary, and Judge Thomas Burke, purchased for ten
thousand dollars, a tract of timber land where the city of Ballard was after-